The Minister of Finance Mohammed Al-Jadaan approved the Annual Borrowing Plan for 2023 after the National Debt Management Center’s board endorsement in its last meeting. The plan includes the sovereign debt developments, debt market initiatives for 2022, and 2023 funding plan and its guidelines, in addition to the domestic Sukuk issuance calendar under the Saudi Arabian government SR-denominated Sukuk Program. The 2023 plan has highlighted the estimation for financing needs at approximately SR45 billion, after securing approximately SR48 billion of the 2023 total financing needs in 2022 through pre-funding activities. Despite the expectation of achieving a budget surplus during 2023, the Kingdom aims to continue its funding activities in the domestic and international markets with the objective of repaying debt principal that will mature during 2023 and during the medium-term. It will be utilizing opportunities based on market conditions to enter into pre-funding and liability management transactions, financing strategic projects; and executing government-alternative funding transactions that will promote economic growth such as capital expenditure and infrastructure financing. NDMC will continue to consider additional funding activities subject to market conditions and through available funding channels locally or internationally. This is to ensure the Kingdom’s continuous presence in debt markets and to enhance the Kingdom’s debt portfolio characteristics, taking into account market movements and the government debt portfolio risk management. — SG